US: Global online RV rental and outdoor travel marketplace, Outdoorsy, has appointed Aaron Ammar as chief insurance officer for its insurtech business, Roamly, and outlined its plans for growth and international expansion.
Roamly, which recently came out of beta in the United States, provides innovative digital insurance products for recreational vehicle [RV] owners, eliminating the commercial exclusion clause that traditionally prevents online rental activity.
A former co-founder of Y-Risk, an underwriting company providing insurance solutions for companies in the on-demand and sharing economy, Ammar will harness his expertise in the insurance space to lead and build out the Roamly team as the company ventures into previously uncharted territory in the insurtech scene.
Ammar said: “There is a significant opportunity to bring new insurance offerings to the RV space, and we are just getting started. Roamly is taking a customer-first approach to bring immediate value to our clients with better pricing, digital tools for policy management, and ‘rent ready’ coverage that allows for marketplace rentals.
“The demand for relevant RV products is increasing rapidly, and we are excited to provide new and innovative solutions,” he added.
Outdoorsy co-founder and CEO, Jeff Cavins, said: “The insurance industry had been making a clerical error regarding RV insurance for the past 30 years. With Aaron in the driver’s seat, we can all buckle up for our most anticipated journey yet — the continued build-out of Roamly and new RV insurance offerings.
“We know there’s a problem to be solved in the RV insurance industry because we continue to hear these frustrated pleas from our customers,” he added.
It follows Outdoorsy’s announcement in June that it had raised $120 million to drive its growth and expansion of Roamly.
The round included a $90 million private placement equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint Ltd and Convivialite Ventures, the corporate venture group of Pernod Ricard. Existing investors Altos Ventures, iAngels and Greenspring Associates also participated in the round, while Pacific Western Bank provided a $30 million debt facility.
In addition to hiring Ammar, Roamly is continuing to expand its footprint and recently went international with the launch of a strategic relationship that will bring insurance solutions to RV owners in Canada. Through a commercial agreement with Aon, Roamly has launched an insurance offering that is designed to make RVs “rent-ready” in Outdoorsy’s second-largest rental market outside of the United States.
Meanwhile, Roamly Claims Group will take over the management of all claims from the Outdoorsy platform from the previously-named Outdoorsy Claims Group. Additionally, it will open the door to handle claims for other marketplaces, including Riders Share, a peer-to-peer motorcycle rental community with over 3,000 motorcycles, 120,000 users and 30,000 five-star reviews.